Greaves Cotton Acquires 60 Percent Stake in Excel Controlinkage; Achieves Strongest Quarterly Revenues

#GreavesCotton #ExcelControlinkage #AmpereElectric #NageshBasavanhalli

Source: Greaves Cotton

“As we look ahead and pursue our growth trajectory, the business momentum reinforces our confidence in our strategy of being a full stack mobility ecosystem player with a growing global presence.” - Nagesh Basavanhalli, Executive Vice Chairman, Greaves Cotton Limited

May 2023 : Greaves Cotton Limited, one of India's leading last-mile mobility companies, announced its consolidated revenues of ₹ 827 crores for Q4FY23, recording a healthy growth of 33 percent over Q4FY22.

The Company also announced that on 8th May 2023, it completed the acquisition of a 60 percent equity stake in Nagpur-based Excel Controlinkage. Excel Controlinkage is one of the most profitable companies engaged in manufacturing Push Pull cables, Motion sensors & Controls.

Greaves Cotton has reported an improvement in margins with quarterly EBITDA at ₹ 49 crore. The electric mobility business of Greaves recorded the highest-ever quarterly revenues of ₹ 383 crore, and sales of ~39K units. Ampere Electric two-wheelers continued to be ranked amongst India’s top three electric vehicle manufacturers (Source – Vahan Portal). This reflects the trust the Ampere brand enjoys and the growing adoption of electric mobility in India.

On a standalone basis, Company reported revenues of ₹437 crore with a significantly improved EBITDA margin of 12 percent. Greaves Retail added over 71 new stores in FY23, retailing 11 brands and continuing its growth momentum. B2C businesses contributed 66 percent to the overall revenues in this quarter, reflecting the results of the diversification strategy.

On a consolidated basis, Company reported revenues of ₹ 2,700 crore, up 58 percent and EBITDA at ₹133 crores. The auto and non-auto applications businesses registered a growth of 77 percent and 17 percent, respectively.

Commenting on the Company’s Q4 FY23 performance, Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited, said, “Greaves Cotton has achieved its strongest quarterly revenues to date, along with consistent improvement in profitability across various business units. Our talented leadership team has been instrumental in this success, and we continue to invest heavily in building competitive advantages in clean technology, product innovation, and design. As we look ahead and pursue our growth trajectory, the business momentum reinforces our confidence in our strategy of being a full stack mobility ecosystem player with a growing global presence.”

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